Aura Secures Round Of Equity Financing.Business Editors EL SEGUNDO, Calif.--(BUSINESS WIRE)--May 23, 2002 AURA SYSTEMS, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:AURA) announced today that during the first quarter of fiscal 2003 it raised $4.16 million through equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. from current shareholders and members of the Board of Directors, including the Chairman of the Board. The Company issued 20.8 million shares of common stock in the exchange. One of these shareholders has the option to invest additional funds under the same terms and conditions through May 31, 2002. The funds raised continue to be used for operating purposes as well as the sales and marketing activities the company has undertaken in order to ramp up Ramp Up To increase a company's operations in anticipation of increased demand. Notes: A company might 'ramp up' operations if they just signed a contract creating substantially more demand for their product. See also: Demand, Economies of Scale the revenues from the AuraGen(R). The Company will require additional financing to fund its operations until it is able to achieve positive cash flows from product sales. About Aura Systems Aura Systems Inc., a technology leader in mobile power, develops and sells AuraGen(R) Mobile Induction Power systems to the industrial, commercial and defense mobile power generation markets. The Company's unique and patented energy solution is the only proven, commercially available pure sine wave A continuous, uniform wave with a constant frequency and amplitude. See wavelength.  A Sine Wave _title> Sine wave power system that can continuously provide thousands of watts of power at low engine speed, and is fully integrated under the vehicle hood. The AuraGen(R) is capable of generating full power up to 8500 watts at all engine speeds including enhanced engine idle speed for gasoline engines and at idle speed for bigger diesel engines. The AuraGen(R) combines sophisticated mechanical and electronics design, advanced engineering and break-through electromagnetic technology to produce a highly reliable and flexible mobile power generating system that creates alternating current (AC) and direct current (DC) electricity, both with and without the engine on. For more information about the Company's AuraGen(R) product visit the company's website at http://www.aurasystems.com. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: The statements contained in this release which are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks are described in the Company's Securities and Exchange Commission filings. |
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